The Augusta CVB rolled out Phase 1 of their comprehensive downtown retail strategy in 2013, with $1.3 million dollars dedicated to improving the James Brown Boulevard streetscape and another $1 million allocated for improvements along the Riverwalk.

“Adequate funding is always a challenge,” Augusta’s Downtown Development Authority Executive Director Margaret Woodard says, but things are moving in the right direction. As with any city looking to grow, Augusta is committed to highlighting its appeal as a great place to live, work and play. “Downtown housing is very affordable and currently is at a 99% occupancy rate. It’s also very walkable and there are many amenities to enjoy, such as over 40 restaurants, artist galleries, antique malls, theaters, museums and historic walking tours,” Woodard says.

These include Farmhaus, Metro Coffeehouse, Whiskey Bar and Art on Broad among others, most of whom participate in the third Thursdays “Go Downtown” nights—a collaboration between the Downtown Development Authority and Georgia Regents University. “GRU students and staff can receive discounts and specials at over 50 downtown stores and restaurants,” says Woodard.

And the city is looking to grow the number of attractions with generous loaning terms. Woodard explains, “We have great low interest loan programs for purchase and renovation of downtown properties.” Other incentives for aspiring and current Augusta business owners include:

• Revenue Bonds at below-prime interest rates
• SPLOST funds for short-term loans
• National Register of Historic Places tax incentives
• Façade grant funding
• US Small Business Administration Loan Programs
• CSRA Revolving Loan Fund
• Link Deposit Program for small, minority and women-owned businesses
• Economic Development and Recapture UDAG Loan Fund Programs
• Georgia Municipal Association loans

Cameron Nixon, Chairman of the Downtown Development Authority, explains the importance of these loan options for Augusta, which are enabled by the Downtown Development Authority and the Georgia Cities Loan Foundation: “Projects approved by the DDA and DCA are eligible to borrow up to 40 percent of project costs at a below market interest rate. The results have been extraordinary: $2.9 million in loans has leveraged $30 million in private investment; added 108 apartments and condominiums; 25,000 square feet of retail space to downtown’s inventory; and $3 million to the Augusta -Richmond county tax base.”

Augusta hopes for even more aspiring business owners to take advantage and launch restaurants, shops, and more in 2014. “We’ve got other deals in the works and will be announcing them soon,” Woodard says.